Tips to Keep in Mind When Starting a Business

Just starting up your business or considering starting one? This week’s tips are for you. Even if your business is more established, these points are worthy of review!

I asked Nicole, Darn Good Yarn’s founder and president, some questions on the behalf of an author writing a book about successful internet businesses. The following tips are from her responses.

Let’s start at….

What are some vital areas you should concentrate on when starting up your business?

1) Make sure you have a strong support system of friends and family.

Even if you aren’t being supported financially by friends or family, these are still some of the most important people to your business. The time and emotional support they provide make them essential shareholders in your endeavor. Nicole knows the pitfalls of becoming so involved in business you lose sight of the important things. “People who own businesses tend to isolate, and my family helps me keep my priorities in check. They help remind me that it’s not only all about making money,” she says.

2) Figure out how much time you can really devote to your business.

“I do 16 hour days pretty regularly!” Nicole shares with me. If you are not ready to put in the time you may need, maybe this isn’t the best time for you to start a potentially very time-consuming business.

3) Have a higher purpose, try to make the business about something outside yourself.

Are other people relying on you for a paycheck? Can you support those in need through your work? Bringing in a wider and more beautiful or inspiring idea of what your business is and what it can do can inspire your work and help you avoid burning out. If you make it about something more than just buying and selling, you can make it personal, and make it a community.

And finally, an important one to keep in mind as your business grows…

4) Learn every process you can involved in running your business – from packing, to taking pictures, to customer service – then delegate some of those processes. Make sure to give the majority of your energy to the things that only you can do for your business.

I hope that helps those of you just starting out, or helps those of you in a business rut to re-imagine what you can do! Looking for more inspiration? Nicole also shared some of her favorite business resources.